The U.S. has delayed $2.6 billion in climate funds for South Africa, blocking a $500 million disbursement from the CIF. This funding was expected to unlock an additional $2.1 billion. The next approval opportunity may arise in June meetings, reflecting a trend of reduced U.S. involvement in global climate efforts.
The United States has postponed the release of $2.6 billion in climate financing intended for South Africa, potentially jeopardizing the availability of these funds. This delay was reported by Bloomberg, citing sources who noted that U.S. representatives halted a $500 million disbursement from the Climate Investment Funds (CIF) earlier this month. This funding was crucial as it was meant to facilitate an additional $2.1 billion from multilateral banks and other financial entities.
CIF plays a crucial role in global climate finance, being one of the largest multilateral funds aimed at advancing climate solutions in developing countries. The next opportunity to approve the delayed funding could arise during CIF meetings scheduled for June. This pause in funding may reflect former President Donald Trump’s policies, which took significant steps to minimize U.S. engagement in global climate initiatives.
Earlier this year, the U.S. also withdrew from the United Nations climate damage fund, which had been set up to assist nations experiencing climate-related disasters. As of now, there has been no response from the U.S. Treasury or CIF regarding these developments and inquiries by Reuters remain unanswered.
The U.S. has delayed $2.6 billion in climate financing for South Africa, impacting potential access to critical funding. The halt of a $500 million CIF disbursement underscores concerns about U.S. commitment to global climate initiatives. The implications of this delay may align with previous policies of reduced international climate engagement.
Original Source: newscentral.africa
